The government is awarding the unit a 1.2 billion forint grant to support the development of electric vehicles in Hungary, he added. SAPA supplies manufacturers such as Audi, Jaguar, Aston Martin and Porsche, Szijjártó noted. With 6 billion euros of annual revenue, it employs over 22,000 workers globally, 1,500 of them in Hungary.

The fact that 89% of the Székesfehérvár plant’s production is exported, Szijjártó said, proves the plant’s international competitiveness.

The vehicle industry is the backbone of Hungary’s economy, he said, noting that the sector’s output reached 4,127 billion forints (EUR 13.5bn) in the first half of the year, and there was a good chance it would hit a record 8,000 billion or above by year-end. In the first half, employment in the sector grew by 11%, with 168,000 new jobs created

Republished with permission of Hungary Matters, MTI’s daily newsletter.